Unity Bank Lifts Market by 0.04% as Best-performing Stock

On Wednesday, the local stock market recovered 0.04 percent due to renewed buying interest in banking stocks such as Unity Bank, Zenith Bank, GTCO, and others.

Furthermore, bargain-hunting in industrial goods shares such as Dangote Cement contributed to the rise of the Nigerian Exchange (NGX) Limited at the end of trading.

According to data, the All-Share Index (ASI) increased by 15.88 points to 43,477.48 points, up from 43,461.60 points, while market capitalisation increased by N9 billion to N23.681 trillion, up from N23.672 trillion.

According to reports, Unity Bank was the best-performing stock for the second trading session, gaining 9.09 percent at midweek to trade at 48 Kobo. Linkage Assurance increased by 7.69% to 42 Kobo, Royal Exchange increased by 7.32% to 88 Kobo, Chams increased by 4.35% to 24 Kobo, and Mutual Benefits increased by 3.85% to 27 Kobo.

On the other hand, Honeywell Flour ended the trading day as the worst-performing equity, with its value falling 9.09 percent to N2.00. Prestige Assurance was down 8.70% to 42 Kobo, Presco was down 6.15 percent to N120.50, Jaiz Bank was down 6.00 percent to 94 Kobo, and Oando was down 4.41 percent to N3.90.

Yesterday, investor sentiment improved due to positive market breadth, which was influenced by 12 price gainers marginally more than the 11 price losers.

This was made possible by improvements in the industrial goods and banking sectors of 0.27 percent and 0.04 percent, respectively.

The energy index fell 0.67 percent, the insurance index fell 0.38 percent, and the consumer goods sector fell 0.17 percent.

Compared to the previous trading session, Wednesday’s trading volume, value, and the number of deals decreased by 46.62 percent, 28.00 percent, and 6.24 percent, respectively.

Yesterday, a total of 133.4 million shares worth N1.8 billion were traded in 3,078 transactions, compared to 249.9 million shares worth N2.5 billion traded in 3,283 transactions on Tuesday.

FBN Holdings had the highest sales volume, selling 30.4 million units. Oando sold 16.8 million units, Zenith Bank 13.5 million units, UBA 9.9 million units, and GTCO 9.0 million units.